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BAKERYSWAP/TETHER USD PERPETUAL CONTRACT

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BAKEUSDT.P trade ideas

💎Keep a close watch as #BAKE eyes that resistance level 💎 Paradisers, #BAKE has formed a 'W' pattern after taking liquidity by breaking below previous swings and then rebounding, indicating potential trapped sell positions with stop losses above the resistance area. 💎 If #BAKEUSDT breaks out above the resistance level, we can expect a bullish move as it triggers the stop losses of sellers, potentially leading up to the next resistance levels. Remember, we need a confirmed candle close and bullish signs for confirmation. 💎 In the case of a pullback, if the price starts showing bullish signs from the support level, we could potentially see a triple bottom, increasing the likelihood of a bullish move. However, it would be prudent to look for a Change of Character (CHoCH) and a Break of Structure (BOS) on lower timeframes for confirmation. 💎 However, if the price breaks down below the support level, it will invalidate the bullish signals. In this case, it's better to disregard this analysis and wait for more favorable price action to develop.
by MyCryptoParadise_Nathan
1
💡Don't miss the great buy opportunity in BAKEUSDTTrading suggestion: ". There is a possibility of temporary retracement to the suggested support line (2.003). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . BAKEUSDT is in a range bound, and the beginning of an uptrend is expected. . The price is above the 21-Day WEMA, which acts as a dynamic support. . The RSI is at 69. Take Profits: TP1= @ 2.370 TP2= @ 2.545 TP3= @ 2.787 TP4= @ 3.091 TP5= @ 3.290 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity_ME
4